Big Lots Announces Profit Increase, Plans to Open 80 Stores

Big Lots Announces Profit Increase, Plans to Open 80 Stores
March 04, 2010

Columbus, Ohio-based Big Lots Inc. reported that its fourth-quarter profit rose 34 percent. Fourth-quarter fiscal 2009 net income was $105.4 million, compared to $78.8 million in the prior year. Revenue increased 7 percent to $1.46 billion, from $1.37 billion last year. Same-store sales saw a 5.1 percent gain, representing the company's largest fourth-quarter comparable-store sales increase in the last 10 years. The company also announced its 2010 outlook, including hopes to open about 80 new stores. "We believe our merchandising strategies are positioned to benefit from improved discretionary spending trends and our extreme value proposition continues to be well received by consumers," said Steve Fishman, chairman, CEO and president, Big Lots. "Additionally, our efforts to improve the shopability of our stores, the encouraging early results of our new Buzz Club Rewards loyalty card program, and approximately 80 new store openings support our goals to grow our loyal customer base." Big Lots anticipates net store growth will accelerate further in 2011 and 2012, targeting a fleet of approximately 1,500 stores by the end of fiscal 2012.